US$365m IMF cash credited to BoG account

By ZED Newsroom
About US$365 million in cash from the International Monetary Fund (IMF) has been credited to the Bank of Ghana’s (BoG) account as of yesterday, Monday, December 22, 2025.
The IMF-supported program funds hit the central bank’s account following the approval of Ghana’s fifth program review by the IMF Executive Board.
The disbursement comes after the Executive Board of the IMF completed its fifth review of Ghana’s Extended Credit Facility (ECF) program in Washington, DC, on December 17, 2025.
With this latest inflow, Ghana’s total disbursements under the IMF program are estimated at about US$2.8 billion.
This is believed to be the fifth tranche of IMF funding Ghana has received since signing on to the Fund-supported program on May 17, 2023.
Impact
Some market watchers argue that the immediate impact of the disbursement will be to provide the government with additional fiscal space to finance projects outlined in the 2025 Budget.
They note that a key objective of the IMF program disbursements is to support budget financing while also strengthening Ghana’s external reserves position.
Under the program’s framework, the Bank of Ghana is expected to receive the dollar inflows and provide the cedi equivalent to the Minister for Finance, Dr. Cassiel Ato Forson, to fund selected projects and programs captured in the 2025 Budget.
However, some market analysts have sought to downplay the impact of the disbursement on Ghana’s reserve position, especially as the central bank’s gross international reserves are projected to reach about US$13 billion or more by the end of 2025.
Others, however, believe the inflow could help improve dollar liquidity in the foreign exchange market, particularly at a time when the cedi is recovering strongly against the US dollar after coming under pressure in recent months.
There are also views that the disbursement sends a positive signal to the forex market, reinforcing government’s commitment to stabilising the economy and maintaining macroeconomic discipline.
Fifth Program Review
Following the completion of the fifth review, the IMF Executive Board described Ghana’s performance under the program as broadly satisfactory.
The Board noted that macroeconomic stabilisation is gaining momentum, pointing to strong economic growth and the return to single-digit inflation for the first time since 2021.
In a statement, the IMF said Ghana has made significant progress in public debt restructuring, noting that debt relief agreements have been signed with several members of the Official Creditor Committee.
The Board added that the authorities have intensified engagement with remaining external commercial creditors to achieve restructuring outcomes consistent with program parameters and the principle of comparability of treatment.
Earlier, on October 10, 2025, the IMF announced that it had reached a staff-level agreement with Ghana following a two-week mission to assess recent economic developments.